Relação entre Enterprise Risk Management, fatores contingenciais, características estruturais e desempenho da firma

Abstract

The global economy and recent economic and financial crise have significantly impacted organizations' corporate governance system. In this context of challenges and opportunities, the identification, analysis and management of risks has become essential for the effectiveness of corporate governance and for obtaining more satisfactory economic performance.With increasing complexity and uncertainty in an increasingly challenging scenario, new opportunities and threats are constantly emerging and can significantly affect the operations of organizations.In this context, there is a need for a strategic and comprehensive approach to risk management and management control systems need to be adapted to deal with these increasingly common circumstances in organizations.As an integral part of management control systems, Enterprise Risk Management (ERM) embraces this new paradigm and emphasizes a holistic approach to risk management and represents a combination of activities and processes aimed at identifying possible events that could affect the organization.Due to exposure to risks and since ERM makes it possible to identify the possible occurrences of events that can affect the company's performance, the systemic adjustment between ERM, contingency factors and the company's structural characteristics can minimize the negative impact of these events on performance from the company.Within this context, the objective of this work was to assess whether the value of the firm is contingent on the appropriate combination between ERM, contingency factors and structural characteristics of the firm.The research sample consisted of 91 Brazilian companies listed on Brasil, Bolsa, Balcão [B]3, which have an indication of use of ERM and the sample period comprised the first quarter of 2018 to the fourth quarter of 2021.Data were analyzed by the technique of multivariate analysis of data through multiple regression, estimated by the method of Generalized Least Squares.The results confirmed the research hypothesis and presented statistically significant evidence that the value of the firm is contingent on the appropriate combination of ERM, contingency factors and structural characteristics of the firm.The results showed that, for all companies in the sample, the greater the variation of the Enterprise Risk Management Index (ERMI) measured through the indicators that represent the four ERM objectives, in relation to the ERMI estimated based on the regression coefficients of the companies that present the best practices of combining ERM, contingency factors and structural characteristics, the lower tends to be the value of the firm.The findings confirm the theoretical arguments that it is not the management control system that affects performance, but the proper fit between contextual factors. It was possible to identify that the companies considered "references" in this study had a higher average value of the ERMI index than the other companies in the sample.The results contribute by demonstrating that ERM can be an integrative management mechanism that encompasses multiple contingency factors and structural characteristics and the due systemic adjustment between these factors can contribute to obtaining more satisfactory economic performances.